Editing Monetary reform (section)

{{Short description|Movements to amend the financial system}}
{{Multiple issues|
{{Unreliable sources|date=April 2021}}
{{Primary sources|date=April 2021}}
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{{Use dmy dates|date=January 2020}}
{{Public finance}}
'''Monetary reform''' is any movement or theory that proposes a system of supplying [[money]] and financing the economy that is different from the current system.

Monetary reformers may advocate any of the following, among other proposals:
* A return to the [[gold standard]] (or [[silver standard]] or [[bimetallism]]).<ref>[https://mises.org/story/3108 Sound Money] {{webarchive|url=https://web.archive.org/web/20090423070618/http://mises.org/story/3108 |date=23 April 2009 }}, [[Lew Rockwell]]</ref><ref>[https://mises.org/story/1971 Our Money Madness], [[Lew Rockwell]]</ref><ref>[https://mises.org/rothbard/genuine.asp The Case for a Gold Dollar], [[Murray Rothbard]]</ref><ref>{{cite book |last1=Glasner |first1=David |title=Free Banking and Monetary Reform |date=25 August 1989 |publisher=Cambridge University Press |isbn=978-0-521-36175-0 |url=https://books.google.com/books?id=JUgynjw4d_4C&dq=Monetary+reformers+gold+standard&pg=PA94 |language=en}}</ref>
* Abolition of central bank support of the banking system during periods of crisis and/or the enforcement of [[full reserve banking]] for the privately owned banking system to remove the possibility of bank runs,<ref>[https://www.mises.org/money.asp What has Government done to our money?], [[Murray Rothbard]]</ref><ref>[https://mises.org/story/1829 The Case for a 100% Gold Dollar], [[Murray Rothbard]]</ref><ref>[https://mises.org/journals/rae/pdf/RAE9_1_1.pdf Free Banking and the Free Bankers], [[Jörg Guido Hülsmann]], Quarterly Journal of Austrian Economics (Vol. 9, No. 1)</ref> possibly combined with [[sovereign money]] issued and controlled by the government or a [[central bank]] under the direction of the government.<ref>{{cite web |title=Sovereign Money |url=https://www.sovereignmoney.eu/ |access-date=13 September 2018 |archive-date=22 June 2019 |archive-url=https://web.archive.org/web/20190622110856/https://sovereignmoney.eu/ |url-status=dead }}</ref> There is an associated debate within [[Austrian School]] whether [[free banking]] or [[full reserve banking]] should be advocated but regardless [[Austrian School]] economists such as [[Murray Rothbard]] support ending central bank bail outs ("[[End the Fed|ending the Fed]]").
* The issuance of interest-free [[credit (finance)|credit]] by a government-controlled and fully owned [[central bank]]. Such interest-free but repayable loans could be used for public infrastructure and productive private investment. This proposal seeks to avoid debt-free money causing inflation.<ref name="books.google.com">{{Cite book|last= Brown |first= Ellen H. |title= Web of Debt |url= https://archive.org/details/Web_of_Debt-The_Shocking_Truth_about_our_Money_System |access-date= 15 December 2007 |year= 2007 |publisher= Third Millennium Press |location= Baton Rouge, Louisiana |isbn= 978-0-9795608-0-4 }}</ref><ref>{{Cite web |url=http://www.monetary.org/lostscienceofmoney.html |title=Stephen A. Zarlenga, ''The Lost Science of Money'' AMI (2002) |access-date=22 September 2008 |archive-url=https://web.archive.org/web/20180828003608/http://www.monetary.org/lostscienceofmoney.html |archive-date=28 August 2018 |url-status=dead }}</ref>
* The issuance of [[social credit]] – "debt-free" or "pure" money issued directly from the [[Treasury]] – rather than the sourcing of fresh money from a [[central bank]] in the form of interest-bearing bonds. [[Maurice Reckitt]] said the community would issue its own credit, enabling goods to be sold below cost.<ref>{{cite book |last1=Burkitt |first1=Brian |last2=Hutchinson |first2=Frances |title=The Political Economy of Social Credit and Guild Socialism |date=14 April 2006 |publisher=Routledge |isbn=978-1-134-75582-0 |url=https://books.google.com/books?id=L-mEAgAAQBAJ&dq=Reckitt,+a+leading+social+credit&pg=PT62 |language=en}}</ref><ref name="Rowbotham 1998">{{Cite book|last= Rowbotham |first= Michael |title= The Grip of Death: A Study of Modern Money, Debt Slavery and Destructive Economics | year= 1998 |publisher= Jon Carpenter Publishing |isbn= 978-1-897766-40-8 }}</ref>
* The issuance of [[demurrage currency]], a form of money that is designed to have a deliberately high [[velocity of money]]. The [[Freiwirtschaft]] economist [[Silvio Gesell]] theorized that demurrage would prevent inflation, recessions, the creation of interest rates, and artificial scarcity of capital.<ref name="baynham-2023">{{cite web |url=https://www.noemamag.com/what-if-money-expired/ |title=What If Money Expired? |last=Baynham |first=Jacob |date=14 November 2023 |website=Noema Magazine |publisher=Berggruen Institute |access-date=26 April 2025}}</ref><ref name="Gesell-NPR">{{cite web |last=Rosalsky |first=Greg |date=27 August 2019 |title=The 'Strange, Unduly Neglected Prophet' |url=https://www.npr.org/sections/money/2019/08/27/754323652/the-strange-unduly-neglected-prophet |publisher=NPR |access-date=17 April 2025}}</ref>
* The international monetary reform by proposing the development of a world central bank managed jointly by all member countries in the world. The world central bank then issues a real international currency that coexists with the national currency of each member country and can be converted to each other at an exchange rate that follows the fundamentals of each country called "auto-balancing". The international currency is only for crosborder transactions between member countries, while domestic transactions continue to use their respective national currencies.<ref>{{Cite report |url=https://www.cambridge.org/engage/coe/article-details/63507b7be79b3fac75f0723b |title=Reforming the International Monetary System |last=Rahman |first=Abdurrahman Arum |date=2022-10-21 |publisher=Economics |doi=10.33774/coe-2022-1sl9n}}</ref><ref>{{Cite book |last=Rahman |first=Abdurrahman Arum |url=https://books.google.com/books?id=MGxUEAAAQBAJ |title=Initiating a True International Currency |date=2021-12-13 |publisher=Global Currency Initiative |language=en}}</ref>